The Winklevoss FUD set Bitcoin back, and that set alts back, but both Bitcoin and alts are still setup to break out of the 2018 bear market. Of course, being setup and actually doing are two different things.
After having their Bitcoin ETF proposal rejected by the SEC in January, the Winklevoss twins submitted an updated proposal with a few tweaks. That updated proposal was rejected by the SEC on July 26th. However, there are a number of other ETF proposals on the table.
Bitcoin’s weekly chart, Ether’s daily, Litecoin’s daily, and many more are all setup for a range of golden crosses. Simply put, many short term averages are about to cross over long term averages on the higher time frames… which is a bullish setup.
The CBOE exchange has submitted more than one proposal to the SEC to have Bitcoin ETFs listed. The SolidX shares ETF is on track for its August approval deadline. The Direxion ETFs submitted in January got a deadline extension until September. In short, one of the two deadlines was postponed, but the one that was postponed isn’t the one everyone is excited about.
Many altcoins are approaching their December and April bottoms in terms of BTC prices. With Bitcoin in an uptrend, those levels could act as pivot points and spark some alt runs.
Bitcoin made some serious gains in July after hitting its 2018 bottom in late June and then completing an inverted head and shoulders reversal pattern. The reversal was in part sparked on by an upcoming Bitcoin ETF. So far Bitcoin is trading above $8k. Let’s look at how we got here and what might happen next.
Bitcoin Dominance in the crypto market hit a 2018 high with 45%+ of the crypto market cap being Bitcoin. This occurred due to Bitcoin gaining value in anticipation of a Bitcoin ETF while alts lagged. Let’s discuss Bitcoin Dominance.
The SEC is considering a Bitcoin ETF by the CBOE (one of two exchanges who trade Bitcoin Futures). A decision by the SEC is expected by August 16th. This has major implications in the crypto space.
Everyone is waiting for institutional investors to get into the crypto space, but what if they are already here and accumulating in “stealth mode?”
Barry Silbert, a major player in the crypto space (the founder of Grayscale and owner of CoinDesk for example), says he thinks the bottom is likely in and has data that shows institutional investors are already accumulating.
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